Absolute Land Auction – Live & Online – Keokuk County 215 m/l acres

Absolute Land Auction – Live & Online – Keokuk County 215 m/l acres

Mark your calendars for 12:00 PM on Saturday, October 12th, 2024 for this Live and Online – Absolute Land Auction.

KILOTERRA is honored to represent The Stoner Estate in the sale of 215 m/l acres of farmland in Liberty Township, (Northeast) Keokuk County Iowa.  This farm is available on the open market for the first time in nearly four decades, and will be offered in 3 Tracts, including 11 grain bins,  pole barn, and storage building.

This farm is conveniently located just outside of South English, Iowa, and offers easy to farm fields with great access off of HWY 22. Additionally, there are multiple locations to sell grain nearby, with FAAS Feed and Grain in North English, Wellman Produce Co.,  and Circle J Grain in Williamsburg. 

From USDA records, the farm consists of 199.92 total cropland acres, with the balance in grass waterways.  Extensive tiling was installed across Tracts 1 and 3 to improve water management, as shown in the attached maps.  Also, the current tenant utilizes conservative tilling practices to avoid runoff.  The Southeast field of the property (part of tract 3) had been enrolled in CRP for the previous 10 years, leaving a fertile topsoil rich with biomass.   The first soybean crop was planted (slightly late) in this part of the farm this year.

The balance of the farm is currently in corn, and has been in a corn bean rotation for numerous years. 

 The corn looks great, and strong yields are expected.

All farming rights for 2025 will go to the new owner(s) at closing, subject to the Tenant’s rights through March 1st, 2025.  The cash rent for the 2024 crop year will be retained by the seller.

This Estate includes an old home site, consisting of approximately 2.45 acres.  This portion of the farm will be surveyed off prior to the auction, and retained by a member of the family.  

This 215 m/l acre farm will be offered on a price per acre basis, via buyer’s choice on (3) tracts (acreage subject to survey): 

Tract 1: 69 m/l acres with 65.82 FSA acres, carrying a strong soil rating of 79 CSR2.

Tract 2: 71 m/l acres with 68.58 FSA acres carrying an excellent 78 CSR2.   This tract also includes (4) 4,000 BU Dryer, (7) 4,000 BU Storage, 70 x 36 Pole Barn, 24×24 Storage Building.  

Tract 3: 75 m/l acres with 60.39 FSA acres carrying a 64 CSR2.

Absentee bidding will be available via online bidding. Online Bidders must register 24 hours prior to the day of the auction.

These tracts are each nice starting pieces for a beginning farmer, or buy them all as a unit to add to an existing operation.  Land in this area rarely comes available, and these farms will be selling, Absolute, the day of Auction.  Don’t miss your chance to add some quality farmland to your portfolio. 

 For assistance registering or questions regarding this property, contact Listing Agent Chris Janis at (319) 343-1468. 

USDA Information:

Farm 5232 – 215.22 AC +/- (pending final survey)

• Farmland Acres: 216.12
• Cropland Acres: 199.92 
• DCP Crop Data (Corn): 88.9 Base Acres, PLC Yield 161 bu/ac
• DCP Crop Data (Soybeans): 72 Base Acres, PLC Yield 47 bu/ac

General Summary:

• Sign on Property: YES
• General Farm Location: East of South English, approximately 2 ½ miles.
• Estimated Annual Taxes*
  • Tract 1 – $2,508
  • Tract 2 – $2,558
  • Tract 3 – $2,348

*Taxes Subject to change based on survey 

• Online Bidding: YES (prior registration required)
• Closing: November 12th, 2024
• Farm 5232 Lease: 2024 cash rent was $60k annual payment + tenant paid taxes. *Tenants have an interest in continued farming. 
• Farming Rights: Farm is open for the 2025 crop year. 
• Possession: Immediately upon Closing, Subject to Tenants’ Rights through March 1st, 2025. 
• Terms: Farm is sold as-is, where-is on a Cash basis, and not subject to buyer financing. 10% Earnest Deposit Due day of Auction.
• Abstract: Seller will provide an abstract continued to the date of purchase, at Seller’s Expense.
• Farm 5232 Brief Legal Description: In Section 20/ Township 77/ Range 10, E 35 Acres SW SE; NE SE Exc 260’ X 419’; SE SE. In Section 28/ Township 77/ Range 10, Lot 2 NW NW Plat B1 P293; NE NW Lying N Of Rr. Section 29/ Township 77/ Range 10, NE NE Except Rr A/K/A Lots 1 & 2 Plat 1/293; NW NE Except Rr. Exact Legal to come from abstract.
• Parcel Numbers: LBTFE-063375, LBTFE-059200, LBTFE-058700, LBTFE-059000, LBTFE-058900, LBTFE-059100, & LBTFE-058800 

Property Address: 14020 298th Ave., South English, IA 52335
Please contact the agent for best directions from your location.

Directions: From East off HWY 218, get off at the Riverside exit and head West on HWY 22 for 23 miles. Turn Left (South) on 298th Ave. Look for the Stoner Seed Farms sign
From North on I-80, take exit 216 and head South (towards North English) on CR-V66 (M Ave) for 16.9 miles, turns into HWY 149. Turn Left (East) on HWY 22 for 2.5 miles. Turn Right (East)
on 137th Ave for ½ mile. Turn Right (South) on 298th Ave.

AUCTION DETAILS

Absolute Land Auction

Keokuk County, Iowa Farmland

215 Acres m/l (Offered in 3 Tracts, buyer’s choice, on price per acre)

Saturday, October 12th, 2024, at 12 PM

Auction Location:

Banquet Hall @ Parkside

525 13th St

Wellman, IA 52356

Seller’s Attorney: Thomas Buchanan with Elwood, Elwood, & Buchanan – Joshua Kraushaar, Thomas Buchanan

Online Bidding: Register to bid at  https://kiloterra.bidwrangler.com/ui/

Agency Disclosure: KILOTERRA and its agents are exclusive representatives of the seller.  Successful bidder(s) acknowledge they are representing themselves in the transaction and are responsible for completing the transaction if identified as the winning bidder.

Auction Method:  All tracts will be sold via a Live Public and Simultaneous Online Absolute Auction using the “Buyers Choice” auction method on a price/acre basis, where the high bidder can take, in any order, all tracts or as few as one tract for their high bid. The bidding will continue as “Buyers Choice” until all three tracts have been purchased and removed from the auction. Participants may view the auction on our Virtual platform, where Online bidding will be available.

Bidder Registration: All bidders must register with KILOTERRA and obtain a bidder number prior to the start of the auction to place a bid at the Auction. Online bidders must register with KILOTERRA and receive prior authorization 24 hours prior to the auction in order to participate.

Earnest Money Deposit: A deposit in the amount of 10% of the gross sale price is required on the day of auction.  Earnest money must be made in the form of a check or wire transfer, payable to KILOTERRA Trust and will be held by KILOTERRA’s Trust Account until the day of closing.

Farm Lease and Payments:  These properties are not encumbered by any CRP contracts. Seller is retaining cash rent for the 2024 crop year. The farm is open for the 2025 season.

Closing and Possession: Closing will occur on or before November 12th, 2024,  or as agreed otherwise in writing by buyer and seller. The balance of the purchase price is due at closing, in the form of cash, certified check or electronic wire transfer.  Seller’s Attorney will perform closing.  The winning bidder(s) will have immediate possession, upon closing of the property, subject to tenant’s rights through March 1st, 2025.

Agency Acknowledgement & Purchase Agreement: Immediately upon conclusion of the Auction, Winning Bidder(s) will sign an Agency Disclosure and Acknowledgement which indicates KILOTERRA represents the Seller’s and Winning Bidder is representing themselves.  

Contract and Title: Winning Bidder(s) will enter a Real Estate Sales Contract with the seller, which detail the terms of the sale as outlined herein.  Winning Bidder(s) will also deposit with KILOTERRA the Earnest Money deposit.  This sale is not contingent upon Buyer Financing Approval and will be considered a Cash Transaction. The seller will provide a current abstract at their expense.

Full legal descriptions will come from the abstract, and gross sales prices will be calculated as: High Bid Price per Acre x Gross Surveyed Acre of each respective tract.  In the case a single bidder purchases all tracts, then the sale price will be calculated on High Bid Price Per Acre X 215.22 Acres (pending final survey).

Improvements: Improvements, such as but not limited to fences, buildings, terraces, tiling, etc. are in “as-is condition” and will not be further improved, updated, or replaced by the sellers prior to closing.  Note that fence lines may not be directly on the legal boundary and any desire to relocate, replace, or improve fencing or buildings shall be the responsibility of the Buyer.  

Disclosures: This sale is subject to all easements and servient estates appurtenant thereto and subject to any zoning restrictions, restrictive covenants, easements, leases, mineral reservations, and restrictions of record, if any exist.  All property is sold on an “As is – Where is” basis with no warranties expressed or implied by the Auctioneer, KILOTERRA, KILOTERRA’s agents, or the Seller.  Any announcements made on the day of Auction by the Auctioneer or Listing Agent(s) will take precedence over any previously published public marketing information.  Bidding increments are at the discretion of the Auctioneer and all decisions of the Auctioneer are final.

Disclaimers: Farm Program Information is provided by the United States Department of Agriculture (USDA) offices.  All field boundaries are taken from these and other sources believed by the seller and KILOTERRA to be accurate.  Values included in statements and or published marketing including but not limited to the conservation plan, gross acres, total crop acres, FSA acres, base acres, and CSR2 ratings, are believed to be reliable and are estimates by the seller and KILOTERRA.  However, it is expressed that this information is subject to change if/when the farm is reconstituted by the Keokuk County FSA and NRCS offices and prospective bidders acknowledge that these values may vary from figures stated within marketing material or day of auction. 

Prospective Bidders shall perform their own inspection of the property prior to bidding at the auction.